Today: Orascom Investment's losses widened in 2025, while Talaat Moustafa delivered another strong quarter for sales. We also have the latest on the IFC's proposed USD 25 million loan to Edita, as well as the start of the voluntary tender offer for Spinalex shares. 

🔔 EGX30 ended +1.2% by market close at 51,130 points, the EGX70 rose 1.7% to 15,954 points, and the EGX100 increased 1.5% to reach 21,655 points.

💸 The number of transactions reached 190,717 spread across 2,313,143,526 stocks leading to a turnover of EGP 8.107 billion.

🏷️Local investors were the only net buyers. 

📈 Top gainers for the market as a whole included El Shams Housing & Urbanization (+18.4%), El Arabia Engineering Industries (+9.6%), El Obour Real Estate Investment (+8.6%)

📉 Top losers for the market included El-Nile Co. For Pharmaceuticals And Chemical Industries (-3.9%), East Delta Flour Mills (-3.1%), and Osool ESB Securities Brokerage (-2.4%).

⬆️ Top gainers for EGX30 were Edita (+3.7%), E-finance (+3.7%), and Kima (+3.4%).

⬇️ Top losers for EGX30 included GB Corp (-2.3%), Orascom Construction (-1.6%), and Eastern Company (-0.5%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,746 per gram, almost unchanged day-on-day but down 8.6% month-on-month.

💲 The USD reached EGP 48.92 at the National Bank of Egypt.

Orascom Investment Holding (OIH) posted a 13.8% wider consolidated net loss of EGP 518.4 million in 2025, despite operating revenues nearly quadrupling to EGP 1.4 billion up from EGP 357.4 million a year earlier, according to an EGX disclosure. The strong top-line growth was largely driven by the acquisition of Misr for Entertainment Investments, which contributed EGP 943.5 million in restaurant and hospitality revenue from the Pyramids Plateau area.

The culprit: higher financing costs and weaker finance income

The disconnect between surging revenues and a wider loss was driven by the company's financing position. Finance costs climbed 88.6% year-on-year to EGP 592.2 million, while finance income dropped 68.1% to EGP 339.7 million, more than offsetting the improvement in operating performance.

A modest bright spot came from non-controlling interests, which swung to a EGP 15.4 million gain from a loss a year earlier, while net foreign exchange translation gains increased to EGP 34.5 million from EGP 14.9 million.

Remember, the company is expanding

Orascom Pyramids for Entertainment Projects, a subsidiary of Orascom Investment, plans to raise its total investment in the Grand Egyptian Museum and Giza Pyramids area to around EGP 2 billion by 2027, including EGP 500 million scheduled for next year, according to CEO Amr Gazarin. Revenue from the Pyramids area is expected to reach EGP 3-3.5 billion this year, with annual growth of 20-25% driven by higher visitor numbers and improved services.

Recent stock performance

The company has enjoyed a solid start to the year, with its share price rising 20.5% since the beginning of 2026, leaving the stock 22.6% higher than it was a year ago.

Talaat Moustafa Group Holding (TMGH) generated EGP 170 billion in sales during the second quarter of 2026, up 28% year-on-year, as strong demand continued across its Egyptian and regional developments, according to a statement to the EGX.

South Med leads the way

The North Coast megaproject generated EGP 87 billion in Q2 sales, lifting cumulative sales to EGP 500 billion since its July 2024 launch. Meanwhile, The Spine, launched just two months ago, booked nearly EGP 34 billion in sales in its first quarter.

Regional expansion gathers pace

In Saudi Arabia, Banan recorded EGP 3.6 billion in quarterly sales, bringing cumulative sales to EGP 101 billion. TMGH is also in talks with the Public Investment Fund (PIF) to jointly develop mixed-use projects across Riyadh, Jeddah, Madinah, and Makkah.

On a 1H basis

TMGH booked EGP 219.1 billion in sales across the first half of 2026, a 3.8% rise on the same period last year, with its North Coast flagship SouthMed accounting for roughly EGP 94 billion of that — or almost 43% of the group’s total.

Recent stock performance

The company’s share value rose 1.6% yesterday, bringing its gains since the start of the year to 19.3%. This makes it up 72% compared to levels recorded 12 months ago.

The International Finance Corporation (IFC) is considering a USD 25 million (about EGP 1.23 billion) loan to Edita Food Industries (EFID) to support the expansion of its Baghdad manufacturing operations while covering working capital needs in Egypt, according to an IFC statement. If approved, the financing will fund new production lines, equipment, and property, with the company aiming to more than double production capacity at its Baghdad facility by the time the new lines are fully commissioned in 2028.

Three subsidiaries join the financing

The facility is being processed under IFC's expedited track for existing clients, with Ahramat Al Nile for General Trade and Food Industries, Edita Participation Cyprus, and Edita Trade and Distribution joining the parent company as co-borrowers.

Supporting Edita's regional growth plans

The proposed financing builds on Edita's ongoing investment in regional manufacturing. The company recently secured a seven-year EGP 500 million loan and a separate EGP 600 million facility from Arab Bank Egypt to help finance production-line expansion in Iraq and Morocco.

The voluntary tender offer launched by a consortium of New Construction Chemical (NCC) and Escom for Real Estate Investment to acquire up to 48.41 million shares — representing 13.42% of Alexandria Spinning and Weaving “Spinalex” (SPIN) — at EGP 15 per share begins today. Shareholders will have 20 business days to participate, with the offer remaining open through 3 August.

Positioning just below the mandatory bid threshold

The consortium currently owns 19.58% of Spinalex. A full acceptance of the offer would lift that stake to 33%, just below the 33.33% threshold that would trigger a mandatory tender offer for the remaining shares. The bid was initially structured to cover a 20% stake before being revised to 13.42%, enabling the buyers to expand their ownership without crossing the regulatory threshold.

A modest premium to the market

With Spinalex closing at EGP 14.49 in the previous session, the EGP 15 offer represents a premium of roughly 3.5%. It also stands about 20.7% above the stock's three-month average price of EGP 12.429. Spinalex shares have climbed 45.2% since the start of 2026 and are 32.5% higher than a year ago. The Egyptian Competition Authority has already cleared the transaction, while the consortium has secured a EGP 726.15 million financing commitment from the Export Development Bank of Egypt to fund the acquisition.

Dates to keep an eye out for

Tomorrow:

Delta Insurance - record date for 0.1 bonus shares per original share. The distribution date is July 8.

Housing and Development Bank - record date for 1 bonus share per original share. The distribution date is July 8.

Misr Hotels - record date for 1 bonus share per original share. The distribution date is July 8.

July 15:

Hepco for Commercial Investments and Real Estate Development - record date for 0.8 bonus shares per original share. The distribution date is July 16.

July 29:

GB Corp - distribution date for EGP 0.15 per share. The record date was April 26.

July 30: 

Misr Fertilizers Production - distribution date for EGP 1 per share. The record date was May 3.

Talaat Moustafa Group - distribution date for EGP 0.15 per share. The record date was May 18.